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Jun 17, 2013
06/13
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taxes. what we've got to do is be for growth. and i'm returning to the idea that energy is one of the greatest examples of growth capital today. if we fail to deal with this, we will inescapably leave our children and our grandchildren with higher interest rates and higher taxes and slower economic growth. you're back to that new normal that i rejected. reject. the final issue on restoring america's financial integrity is a little technical, but it really just deals with tax policy. i talk a hot about that in the media. -- a lot about that in the media. we've been on world, southern company has been, we need to simplify the tax code. it's incredibly complex. and what we would be willing to do is to forgo all of our forward-looking tax preference items. now, let us keep what we've got. we made economic decisions on those. and let us keep something called normalization in place. it's a way to flow back taxes to our customers. but going forward, i would do without all tax benefits in exchange f
taxes. what we've got to do is be for growth. and i'm returning to the idea that energy is one of the greatest examples of growth capital today. if we fail to deal with this, we will inescapably leave our children and our grandchildren with higher interest rates and higher taxes and slower economic growth. you're back to that new normal that i rejected. reject. the final issue on restoring america's financial integrity is a little technical, but it really just deals with tax policy. i talk a...
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Jun 20, 2013
06/13
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taxes and excise taxes. not income taxes. the meetings have been very beneficial. we're getting trust and getting everyone's buy-in. i speak weekly with the treasury secretary about tax reform, getting his ideas and what seems to make sense for him and the administration. and i've been working for quite some time with my counterpart in the house, chairman david camp. in fact, we have been meeting weekly, chairman camp and i, face to face for more than a year now discussing matters that apply to the finance committee as well as ways and means but especially tax reform. because he's working just as hard on his side over in the other body. our shared goal is to make the code more simple, to make it more fair for families, to spark a more process suspect economy. i believe very strongly if we can simplify the code as well as some other measures that need to be taken, people will feel better about it, they'll not think that the other guy has a big loophole he nt take advantage of, it will help people feel better
taxes and excise taxes. not income taxes. the meetings have been very beneficial. we're getting trust and getting everyone's buy-in. i speak weekly with the treasury secretary about tax reform, getting his ideas and what seems to make sense for him and the administration. and i've been working for quite some time with my counterpart in the house, chairman david camp. in fact, we have been meeting weekly, chairman camp and i, face to face for more than a year now discussing matters that apply to...
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Jun 21, 2013
06/13
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>> my friend makes an important point which is we achieve progress on tax transparency and tax evasion and aggressive tax avoidance but isn't it sad that while we were doing that, the party opposite is still offering tax avoidance to its donors and they haven't paid back the 700,000 that the ago. let me remind the leader of the party what he said if everyone approach is some of these companies approach the tax affairs we wouldn't have a called service for education systems and he has to put his hand in his pocket and give the money back. >> thank you mr. speaker. i wrote to you on the eighth of may but i haven't received a reply. can i ask of you had any discussions with crosby about the standard packaging of cigarettes or the minimum price per unit of alcohol. >> lyndon crosby has never lobbied me on anything. the only opinions and interested in or how we destroy the credibility of the labor party of which he has considerable expertise. i have to say he isn't doing as good of a job as the party opposite. >> thank you. last year he intervened in the case of look-see may who is being co
>> my friend makes an important point which is we achieve progress on tax transparency and tax evasion and aggressive tax avoidance but isn't it sad that while we were doing that, the party opposite is still offering tax avoidance to its donors and they haven't paid back the 700,000 that the ago. let me remind the leader of the party what he said if everyone approach is some of these companies approach the tax affairs we wouldn't have a called service for education systems and he has to...
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Jun 18, 2013
06/13
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jurisdictions and tax havens. so that sort of tops the list of -- pop list, legitimate american concern is starting to build up. what's different? well, one, back then president reagan was the primary force pushing tax reform on a very reluck stand congress. and -- reluctant congress. and today it's the congress, at least at this point the chairman of -- and it's the tax-writing committees who are pushing, starting the ball rolling on tax reform, but the administration isn't opposed, it's just, it's a willing participant, and i think you'll find the president more directly engaged as we move along. it's -- i'll stop there. but it's, essentially, the basic need for a formula to get the economy going, and we haven't talked about that yet, but tax reform is going to help the american economy, help get jobs. and in this competitive world of ours, we have to do everything we possibly can legitimately and reasonably to help american people, help american small business, help american multi-national corporations, america
jurisdictions and tax havens. so that sort of tops the list of -- pop list, legitimate american concern is starting to build up. what's different? well, one, back then president reagan was the primary force pushing tax reform on a very reluck stand congress. and -- reluctant congress. and today it's the congress, at least at this point the chairman of -- and it's the tax-writing committees who are pushing, starting the ball rolling on tax reform, but the administration isn't opposed, it's just,...
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Jun 19, 2013
06/13
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but it's important particularly when you set a low tax rate to say to businesses, we have a low tax rate, you now need to pay it, and i think this g8 agenda will help us with that. >> [inaudible] >> thank you, madam speaker. people in the northeast will marley welcome the dialogue on tax dodging. could the prime minister expand what effect this will have on future government tax receipts and the war on poverty? >> prime minister. >> are i think my honorable friend is actually right. if we can deal more effectively with tax evasion which as i've said many times raises serious moral issues, if we deal with both of those and garner more revenue, that can help us to keep taxes down on hard working people who do the right thing. that is what should drive us in this whole agenda, and we've recovered a lot of money from some of these territories and bank accounts. we should continue to do so. >> steven metcalf. >> thank you, madam deputy speaker. can i thank my right honorable friend for his recent speech at the london gateway port in my constituency and agree with me that such investment will
but it's important particularly when you set a low tax rate to say to businesses, we have a low tax rate, you now need to pay it, and i think this g8 agenda will help us with that. >> [inaudible] >> thank you, madam speaker. people in the northeast will marley welcome the dialogue on tax dodging. could the prime minister expand what effect this will have on future government tax receipts and the war on poverty? >> prime minister. >> are i think my honorable friend is...
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Jun 17, 2013
06/13
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taxes. now, the earned income tax credit is available only to families that are working and paying payroll taxes. not some kind of giveaway. you will be working and paying taxes. the i.t.c. is a core part of the tax code. like any other tax credit that adjusts federal tax liability based on family circumstance. it's not, it's never been considered public benefit, but some amendments have been filed seeking to deny the eitc for all registered immigrants for eternity, even after they have obtained legal status. one of these amendments was offered during the committee process. we rejected it. i was strongly opposed to any amendment to deny hardworking families from participating in these tax credits when they are paying payroll taxes. you know, we give huge tax benefits and loopholes to billionaires. yet a hard-working family, shouldn't they be entitled to these tiny benefits that are dwarfed by what we give to millionaires? let's start paying attention to the people who really need our help. s
taxes. now, the earned income tax credit is available only to families that are working and paying payroll taxes. not some kind of giveaway. you will be working and paying taxes. the i.t.c. is a core part of the tax code. like any other tax credit that adjusts federal tax liability based on family circumstance. it's not, it's never been considered public benefit, but some amendments have been filed seeking to deny the eitc for all registered immigrants for eternity, even after they have...
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Jun 21, 2013
06/13
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when the expenditures began to exceed the tax and come -- tax income. >> are you aware of any program that is financially sustainable if it spends more money than it has. >> we can't continue on the path and the current projections over the next decade projecting an exact symmetry of income there is a brief blip later in the decade to exceed expenditures but after that of the lines come apart and expenditures exceed the income on a permanent basis and that is the depletion of the trust fund. >> i don't know how you come up with that decision pity estimate the cost projections show there will be increased pressure on the general federal budget highlighting the increase in the general revenue and will be needed to prop up the trust fund. what does this mean for federal finances as a whole. >> the answer is yes much increased pressure on the budget and there's only three outcomes, you have to have higher taxes and higher indebtedness. >> which of those do you favor? >> this is my personal viewpoint i'm not excited about the idea of the steadily rising taxes or debt. we have to do somethi
when the expenditures began to exceed the tax and come -- tax income. >> are you aware of any program that is financially sustainable if it spends more money than it has. >> we can't continue on the path and the current projections over the next decade projecting an exact symmetry of income there is a brief blip later in the decade to exceed expenditures but after that of the lines come apart and expenditures exceed the income on a permanent basis and that is the depletion of the...
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Jun 21, 2013
06/13
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taxes, social security, fica, medicare taxes that withhold from workers' pay. but they're not drawing social security benefits at this time because most of them are younger than that, and they're not yet past 65. so that creates a surplus flow; right? it creates a surplus flow. of the $459 billion in new taxes and fees, only about half of that comes from the income taxes that these workers are going to pay. why? because most of the workers are low-income workers. over half of the people who were here illegally do not have a high school diploma and they're just not making real high wages. you have to make a pretty sizable wage before you pay any income tax, although you do pay your social security and medicare withholding, the payroll tax. so the number -- how do they then say they have money created to pay for all of this stuff? they count the money from the payroll taxes. that makes sense, you think, at first glance, which by rights, though, belongs to the social security trust fund. that's not money available for the government to spend on trips to africa or
taxes, social security, fica, medicare taxes that withhold from workers' pay. but they're not drawing social security benefits at this time because most of them are younger than that, and they're not yet past 65. so that creates a surplus flow; right? it creates a surplus flow. of the $459 billion in new taxes and fees, only about half of that comes from the income taxes that these workers are going to pay. why? because most of the workers are low-income workers. over half of the people who...
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Jun 19, 2013
06/13
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my democratic friends, the budget that was passed uses that big tax increases for additional spending. i strongly disagree with that. but, again, that's exactly the kind of thing that ought to be the subject of negotiations in a conference. we're very far apart. i don't know whether we could narrow that gap but we ought to try. the reason, in fact, the only reason that i've been objecting and that some of my colleagues have been objecting thus far is that our democratic friends want to insist on retaining the opportunity to use the conference report on a budget resolution to raise the debt ceiling. and i would point out that the debt ceiling issue was not even contemplated in the senate budget resolution, never came up, wasn't discussed, there was no amendment, there was no vote. it's not in the document. in the house budget, the debt limit increase is not contemplated. it's not there, it wasn't voted on, it's completely absent. and so consistent with the rules of the senate, i would simply suggest that we go right ahead to conference, that we have a conference on the budget but that
my democratic friends, the budget that was passed uses that big tax increases for additional spending. i strongly disagree with that. but, again, that's exactly the kind of thing that ought to be the subject of negotiations in a conference. we're very far apart. i don't know whether we could narrow that gap but we ought to try. the reason, in fact, the only reason that i've been objecting and that some of my colleagues have been objecting thus far is that our democratic friends want to insist...
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Jun 18, 2013
06/13
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most of these outlays would be for tax credits. on and on. it sounds significant until you consider that it will increase federal revenues, this legislation, by $459 billion over the 2014-2023 period. so $459 billion in increased revenue compared against $262 billion in increased direct spending. that's $197 billion surplus or decrease in the deficit over the ten-year budget window. so we often hear that's okay for the first ten years, but what happens after that? well, c.b.o. looked at that as well, and they said this. on balance, c.b.o. and j.c.t. or the joint committee on taxation, estimate that the changes in direct spending in revenues would decrease federal budget deficits by about $700 billion or .02% of the gross domestic product over the period 2024- 2033. again, c.b.o. and j.c.t. estimate that the changes in direct spending in revenue will decrease federal budget deficits by about $700 billion over the second ten-year budget window. so i -- and i know that c.b.o. reports, we often point out on this side of the aisle, the other side
most of these outlays would be for tax credits. on and on. it sounds significant until you consider that it will increase federal revenues, this legislation, by $459 billion over the 2014-2023 period. so $459 billion in increased revenue compared against $262 billion in increased direct spending. that's $197 billion surplus or decrease in the deficit over the ten-year budget window. so we often hear that's okay for the first ten years, but what happens after that? well, c.b.o. looked at that as...
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Jun 18, 2013
06/13
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tax, they don't have to pay unemployment tax. so essentially we are creating a situation where it is absolutely advantageous for an employer to hire a foreign worker rather than an american worker. so, madam president, what i have done is introduce two pieces of legislation to address this issue. number one basically says that while i strongly support cultural programs -- bringing young people here from abroad's a great idea -- at this moment, with high unemployment, we cannot have those people competing with young americans for a scarce number of jobs. so we eliminate the employment element of the j-1 program. and the second bill that i've said is that if we can't do that -- and i hope we can -- at the very least, we need a jobs program for american kids. not just a summer jobs -- summer jobs program but a yearlong jobs program. let us not turn our backs on kids who want to get into the labor market, who want to develop a career. they need something in the summertime. they need something yearlong. and we have introduced legislat
tax, they don't have to pay unemployment tax. so essentially we are creating a situation where it is absolutely advantageous for an employer to hire a foreign worker rather than an american worker. so, madam president, what i have done is introduce two pieces of legislation to address this issue. number one basically says that while i strongly support cultural programs -- bringing young people here from abroad's a great idea -- at this moment, with high unemployment, we cannot have those people...
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Jun 20, 2013
06/13
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it's land that because it can't be taxed cannot provide tax revenue for local governments to fund fire departments, police services and schools. it has other implications, too, when the federal government owns this much land. you know, it's significant that about 40% of the land along our border is owned by the federal government. and it's significant that along a lot of that stretch of border, federal agents from the bureau -- the bureau of customs and border protection or c.b.p. are not allowed to do their job. even our own federal officers sometimes can't do that which they really need to do, which they've sworn an oath to do, at least not very be effectively. for the simple reason that this is federal land and there are a whole host of environmental restrictions that often accompany the use of federal land or trancing on -- traversing on federal land of any kind. this is foreign to many of my colleagues, many of whom come from states where there is very little federal land. in every state west of the rocky mountains the federal government owns 15% or more of the land in those state
it's land that because it can't be taxed cannot provide tax revenue for local governments to fund fire departments, police services and schools. it has other implications, too, when the federal government owns this much land. you know, it's significant that about 40% of the land along our border is owned by the federal government. and it's significant that along a lot of that stretch of border, federal agents from the bureau -- the bureau of customs and border protection or c.b.p. are not...
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Jun 17, 2013
06/13
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is the best investment of american tax dollars we could possibly make. i support it wholeheartedly and i thank s today. and i yield back the balance of our time and suggest the absence of a quorum. the presiding officer: the clerk will call the roll. quorum call: a senator: madam president? the presiding officer: the senator from new mexico. mr. udall: madam president, i ask to vitiate the quorum call. the presiding officer: without objection. mr. udall: and i ask to speak as if in -- with -- within morning business. the presiding officer: without objection. mr. udall: thank you, madam president. like many others, i'm deeply disturbed by the current situation in syria, the appalling atrocities, the tragic loss of life, the reported use of chemical weapons. this deserves the clear condemnation of the international community. but i am also concerned by the push for intervention in this war, by the rush to judgment for the united states to yet again become entangled in a civil war. the president has decided to send arms to the rebels to fight the government
is the best investment of american tax dollars we could possibly make. i support it wholeheartedly and i thank s today. and i yield back the balance of our time and suggest the absence of a quorum. the presiding officer: the clerk will call the roll. quorum call: a senator: madam president? the presiding officer: the senator from new mexico. mr. udall: madam president, i ask to vitiate the quorum call. the presiding officer: without objection. mr. udall: and i ask to speak as if in -- with --...